New York-New Jersey Information Office

News Release Information

14–313–NEW

Tuesday, February 20, 2014

Contacts

Technical information:
Media contact:
  • Martin Kohli (646) 264-3620

Average Energy Prices, New York-Northern New Jersey-Long Island –
January 2014

Electricity prices averaged 23.2 cents per kilowatt hour (kWh) in the New York-Northern New Jersey-Long Island area in January 2014, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that electricity prices were up sharply compared to last January when area households paid 20.2 cents per kWh. Gasoline prices averaged $3.593 a gallon, down from the $3.692 per gallon paid in January 2013. The average cost of utility (piped) gas at $1.222 per therm was little changed from the $1.241 per therm spent last year. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $3.593 a gallon, New York area consumers paid 6.4 percent above the $3.378 national average in January 2014. A year earlier, consumers in the New York area paid 8.4 percent more than the national average for a gallon of gasoline. In the past five years, the local price of a gallon of gasoline in January has been within 10 percent of the national average price. (See chart 1.)

Chart 1. Average prices for gasoline, New York-Northern New Jersey-Long Island and the United States, 2010-2012 (as of January)

The 23.2 cents per kWh New York households paid for electricity in January 2014 was 73.1 percent more than the national average of 13.4 cents per kWh. Last January, electricity costs were 56.6 percent higher in New York compared to the nation. The January 2014 local area electricity prices exceeded the nationwide January average by the largest amount in 5 years. (See chart 2.)

Chart 2. Average prices for electricity, New York-Northern New Jersey-Long Island and the United States, 2010-2012 (as of January)

Prices paid by New York area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.222 per therm, or 17.5 percent above the national average in January 2014 ($1.040 per therm). A year earlier, area consumers paid 24.6 percent more per therm for natural gas compared to the nation. January prices for natural gas in the local area have exceeded the nationwide average price by 16 to 32 percent in the last five years. (See chart 3.)

Chart 3. Average prices for utility (piped) gas, New York-Northern New Jersey-Long Island and the United States, 2010-2012 (as of January)

The New York-Northern New Jersey-Long Island, N.Y.-N.J.-Conn.-Pa. Consolidated Metropolitan Statistical Area (CMSA) consists of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, Middlesex, and New Haven Counties in Connecticut; and Pike County in Pennsylvania.

The Consumer Price Index for February 2014 is scheduled to be released on Tuesday, March 18, 2014 at 8:30 a.m. (ET).

Technical Note

Average prices are estimated from Consumer Price Index (CPI) data for selected commodity series to support the research and analytic needs of CPI data users. Average prices for electricity, utility (piped) gas, and gasoline are published monthly for the U.S. city average, the 4 regions, the 3 population size classes, 10 region/size-class cross-classifications, and the 14 largest local index areas. For electricity, average prices per kilowatt-hour (kWh) are published. For utility (piped) gas, average prices per therm, are published. For gasoline, the average price per gallon is published. Average prices for commonly available grades of gasoline are published as well as the average price across all grades.

All eligible prices are converted to a price per normalized quantity. These prices are then used to estimate a price for a defined fixed quantity. The average price per kilowatt-hour represents the total bill divided by the kilowatt-hour usage. The total bill is the sum of all items applicable to all consumers appearing on an electricity bill including, but not limited to, variable rates per kWh, fixed costs, taxes, surcharges, and credits. This calculation also applies to the average price per therm for utility (piped) gas.

Information in this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service: 800-877-8339.

Table 1. Average prices for gasoline, electricity, and utility (piped) gas, New York-Northern New Jersey-Long Island and the United States, January 2013-January 2014, not seasonally adjusted
Year and month Gasoline per gallon Electricity per kWh Utility (piped) gas per therm
New York area United States New York area United States New York area United States

2013

January

3.692 3.407 0.202 0.129 1.241 0.996

February

3.889 3.748 0.196 0.129 1.231 0.997

March

3.884 3.792 0.188 0.128 1.241 0.994

April

3.732 3.647 0.186 0.128 1.229 1.020

May

3.697 3.682 0.193 0.131 1.224 1.036

June

3.711 3.693 0.203 0.137 1.195 1.038

July

3.823 3.687 0.208 0.137 1.171 1.025

August

3.825 3.658 0.197 0.137 1.137 1.003

September

3.764 3.616 0.213 0.137 1.148 1.000

October

3.554 3.434 0.188 0.132 1.160 0.999

November

3.500 3.310 0.191 0.130 1.077 0.999

December

3.610 3.333 0.196 0.131 1.086 0.998
2014

January

3.593 3.378 0.232 0.134 1.222 1.040

Last Modified Date: February 20, 2014

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